If you have a tax debt which you cannot pay, one option to deal with the debt can be to put forward a proposal for a Personal Insolvency Agreement. A Personal Insolvency Agreement is a binding agreement with your creditors to compromise your debts. To propose a Personal Insolvency Agreement, you have to appoint a […]
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The ATO has taken virtually no recovery action to collect tax debts since the start of the Covid-19 pandemic. However, they are now beginning to engage with businesses to collect tax debts and will take future recovery action as necessary. This will be a soft engagement at first. ATO Commissioner Jeremy Hirschhorn has recently said that while the ATO […]
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Debts owed to the ATO saw a huge increase over the COVID-19 pandemic due to inactivity by the ATO in terms of recovery actions. Many expected that it would continue its upward trajectory in 2021 and 2022. The recent annual report released by the ATO confirms this. The total tax debts owed to the ATO […]
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